The global temporary labor market size is estimated to reach USD 673.43 billion by 2025, registering a CAGR of 6.4% from 2019 to 2025, according to a new study conducted by Grand View Research, Inc. Soaring need to employ temporary labor to offset labor shortages while handling additional projects or during peak periods is expected to drive the temporary labor market.
Surging
use of latest and advanced technologies, including augmented reality (AR) and
virtual reality (VR), in recruitment processes is allowing recruiters to select
best workforce. Small and medium enterprises across the world are increasingly
hiring employees on temporary basis to reduce costs and provide flexible staff
on an as-needed basis. This is likely to boost the growth of the market over
the forecast period.
There
is an increasing demand for temporary workforce required during execution phase
of development programs launched by various governments. At the same time,
several nations are introducing guest worker programs, which envisage allowing
foreign workers to work in host nation on a temporary basis as temporary
workers. For instance, in the U.S., the H-2A and H-2B programs allow farm
owners to bring in low-skilled workers for agricultural and non-agricultural
tasks, respectively; provided these tasks are temporary, after applying
formally to the Department of Labor (DOL).
An
employer is not obliged to provide retirement security, health insurance, and
other compensations to temporary workers. In other words, enterprises can
reduce average cost of hiring and prevent additional overhead costs from
incurring by opting for temporary labor services. Moreover, organizations are
free to hire temporary workers whenever they are required, for example, while
handling additional projects and during peak periods. Such benefits bode well
for the global temporary labor market.
Full Research Report On Temporary Labor Market Visit Here:
https://www.grandviewresearch.com/industry-analysis/temporary-labor-market
Temporary Labor
Market Report Highlights
- The
management labor type segment is projected to post the highest CAGR of
11.0% during the forecast period. Intense competition is prompting
organizations to hire temporary workers as part of their efforts to
increase productivity, thereby propelling the market.
- The
healthcare end-use segment is poised to witness the highest CAGR of 8.3%
from 2019 to 2025, as increasing number of temporary workers are being
deployed on healthcare programs and medical campaigns launched in various
nations
- Europe will
dominate the market throughout the forecast horizon. It is anticipated to
reach USD 222.37 billion by 2025, owing to burgeoning popularity of online
food ordering
- The key
industry participants include Adecco; Allegis Group; Kelly Services, Inc.;
ManpowerGroup Inc.; Randstad N.V.; Hays plc; Robert Half International
Inc.; Express Services, Inc.; Westaff; and Persol Holdings Co. Ltd.
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https://www.grandviewresearch.com/industry-analysis/temporary-labor-market/request/rs1
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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